09:44     SHOUGANG GRAND<00730> - Announcement (1)                            

    The Stock Exchange of Hong Kong Limited takes no                          
    responsibility for the contents of this announcement,                     
    makes no representation as to its accuracy or completeness                
    and expressly disclaims any liability whatsoever for any                  
    loss howsoever arising from or in reliance upon the whole                 
    or any part of the contents of this announcement.                         
                                                                              
    This announcement appears for information purposes only                   
    and does not constitute an invitation or offer to acquire,                
    purchase or subscribe for securities of Shougang Concord                  
    Grand (Group) Limited and Global Digital Creations                        
    Holdings Limited.                                                         
                                                                              
    SHOUGANG CONCORD GRAND (GROUP) LIMITED                                    
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 730)                                                         
                                                                              
    GLOBAL DIGITAL CREATIONS HOLDINGS LIMITED                                 
    (incorporated in Bermuda with limited liability)                          
    (Stock Code: 8271)                                                        
                                                                              
    Voluntary share exchange offer by DBS Asia Capital Limited                
    on behalf of Upper Nice Assets Ltd., a wholly-owned                       
    subsidiary of                                                             
    Shougang Concord Grand (Group) Limited, to acquire all the                
    issued shares of,                                                         
    and a voluntary conditional cash offer to cancel all                      
    outstanding options of,                                                   
    Global Digital Creations Holdings Limited (other than                     
    those already owned                                                       
    by the Offeror and parties acting in concert with it)                     
                                                                              
    Major Transaction of Shougang Concord Grand (Group)                       
    Limited                                                                   
                                                                              
    Results of special general meeting held on 31 January 2005                
                                                                              
    At the special general meeting of Shougang Concord Grand                  
    (Group) Limited ("SCG") held on 31 January 2005, the                      
    resolution in relation to, inter alia, the acquisition of                 
    all the issued shares of, and cancellation of all the                     
    outstanding options of, GDC by the Offeror was duly passed                
    by the Shareholders by a show of hands. Accordingly,                      
    condition (a) of the Offers has been fulfilled.                           
                                                                              
    Reference is made to the joint announcement dated 19                      
    November 2004 and the circular dated 13 January 2005 (the                 
    "Major Transaction Circular"). Terms defined in the Major                 
    Transaction Circular shall have the same meanings when                    
    used herein.                                                              
                                                                              
    The board of directors of SCG (the "Directors") is pleased                
    to announce that at the special general meeting held on                   
    31 January 2005, the resolution in relation to, inter alia,               
    the acquisition of all the issued shares of, and                          
    cancellation of all the outstanding options of, GDC by the                
    Offeror was duly passed by the Shareholders by a show of                  
    hands. Accordingly, condition (a) of the Offers has been                  
    fulfilled.                                                                
                                                                              
    SCG will make further announcements when conditions (b),                  
    (c), (d) and (e) have also been fulfilled and the Offers                  
    have become unconditional in all respects.                                
                                                                              
    GDC Shareholders are also reminded that pursuant to the                   
    announcement of SCG dated 28 January 2005, a separate                     
    announcement will be made by SCG on the impact of the                     
    memorandum with China Life Insurance (Overseas) Company                   
    Limited in relation to the voluntary conditional share                    
    exchange offer to, inter alia, acquire all the shares of                  
    GDC (the "Announcement"). GDC Shareholders are therefore                  
    advised to review the Announcement before deciding what                   
    action to take in respect of the Offers.                                  
                                                                              
    GDC Shareholders, shareholders of SCG and investors of GDC                
    and SCG should exercise caution when dealing in GDC Shares                
    and SCG Shares.                                                           
                                                                              
    By Order of the Board                                                     
    Shougang Concord Grand (Group) Limited                                    
    Cao Zhong                                                                 
    Vice Chairman